Phoenix-based real estate investment firm, Tratt Properties, has invested $87.65 million for a distribution center in Lakeland, FL. The fulfillment center is 100 percent leased to Amazon.com and features 32-foot clear ceiling height and measures 1.02 million square feet. The purchase marks Tratt’s first Florida acquisition, but it already owns major distribution centers in Phoenix; Roseville, Calif.; Winston-Salem, N.C.; and in a suburb of Memphis. The deal was completed with a $61 million loan provided by Wells Fargo Capital Markets Group. The sellers, USAA and Johnson Development Associates, jointly developed the center in 2013. “I am excited to have Amazon as part of our long-term holdings and look forward to the prospect of growing with the e-commerce world leader,” says Jonathan Tratt, who founded the company in 2000 and is its managing principal.
